Eco Revision
Authored by Daniel Winston
others
11th Grade
Used 1+ times
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42 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does scarcity describe in economics?
Scarcity describes a situation where wants and needs are unlimited but resources are limited.
Scarcity describes a situation where resources are unlimited and wants are limited.
Scarcity describes a situation where both resources and wants are unlimited.
Scarcity describes a situation where resources are more than the wants and needs.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost in economics?
Opportunity cost is the value of the next best alternative that is given up when a choice is made.
Opportunity cost is the total amount of money spent on a project.
Opportunity cost is the profit earned from an investment.
Opportunity cost is the cost of all alternatives available.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the production possibility curve (PPC)?
It shows the maximum combinations of two goods or services that an economy can produce with available resources and technology.
It shows the minimum amount of goods that can be produced.
It shows only the production of one good.
It shows the resources used in production.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do points on the production possibility frontier (PPF) represent?
Points on the PPF represent fully efficient production; any point beyond the curve is unobtainable given current resources.
Points on the PPF represent inefficient production; all points are equally desirable.
Points on the PPF represent unattainable production levels with current resources.
Points on the PPF represent only the maximum production of one good, ignoring the other.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does moving along the production possibility curve (PPC) show?
Moving along the curve shows that producing more of one good requires sacrificing some quantity of the other. The slope reflects the opportunity cost.
It shows that resources are unlimited and all goods can be produced without trade-offs.
It indicates that the economy is not utilizing any of its resources.
It demonstrates that opportunity cost does not exist in production.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does an outward shift of the Production Possibility Frontier (PPF) signify?
Negative economic growth
Positive economic growth
Reduced productive capacity
Unattainable production
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Points inside or on the PPF are ________, while points outside are ________ with current resources.
attainable, unobtainable
unattainable, attainable
efficient, inefficient
possible, impossible
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